Buyers Guide: The Hidden Costs of Buying a Home

With the recent trends in the Windsor real estate market, buyers might be thinking it is time to jump back into the action and renew their searches for houses for sale in Windsor. First time homebuyers who have seen the action in our market over the last few years may see this as an opportunity to get into the market and start looking for Windsor homes for sale. Regardless it is important to remember that the costs of home ownership don’t stop after you buy the home. Today, we are going to cover 5 hidden costs of buying a home this summer.

Closing costs, pre-paid fees, and other fees
- Getting your loan has a cost associated with it, so plan to cover that plus your appraisal fees. From there you’ll have your pre-paid and other ancillary fees tha cost anywhere from 3 to 5 percent of the purchase price of your new home.
Inspections
- You want to make sure that the home you are buying is not going to cost you even more in unforeseen issues like leaks, foundation issues, etc. These are critical to make sure you are spending wisely and you may need multiple which can add up.
Association Fees
- Newer homes in subdivisions may be subject to Home Owners Association (HOA) Fees. Make sure you are aware of what these monthly fees are and what they cover in terms of services such as snow removal and grass cutting and more.
Maintenance, Repairs, Decorating
- It is important to budget for some changes you want to make to the home. Some may be more pressing then others so prioritize the projects on what needs to be done and what can maybe wait and then budget accordingly.
Utility Bills
- Every homeowner's favourite time of the month! When buying remember that you need to factor costs such as water, lighting, heat and cooling, services such as internet and tv, and so on. These are all on top of your mortgage so make sure your buying budget reflects these costs.

Here at Jump Realty our agents will give you honest advice on what course of action is best for you in their professional opinion and will always put taking care of your best interests first! With offices in Windsor, Tecumseh, Kingsville, LaSalle, and Chatham, no matter where you are, a Jump agent is ready to help. Please contact us for any housing needs and let us give you a better real estate experience!